As per an official statement released on Monday, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) registered 215 projects in 2022. The statement further notified that the number of projects registered in 2022 witnessed a growth of 23 per cent as compared to 2021.
The registration of 215 new projects in Uttar Pradesh illustrates a rapid and positive growth of the real estate sector in the state.
"Around 258 and 216 projects were registered in 2018 and 2019, respectively, compared to 215 projects in 2022. Another 161 and 174 projects were registered in 2020 and 2021, respectively," the state's real estate regulatory authority said in their official statement.
According to UP RERA secretary Rajesh Kumar Tyagi, 125 new projects were registered in the first half of 2022, while approximately 90 new residential, commercial, and mixed-use real estate projects were registered in the second half of the year.
He further quoted, "In 2020, due to the Covid-19 epidemic, there was a decrease in the registration of new projects and only 161 projects could be registered, in which there was a huge decline, almost 60 per cent, in new project registration in the NCR region.
"While this year, there was a hike in the registration of new projects from 10 to 30 per cent across categories in NCR and non-NCR districts," he concluded.
Notably, UP RERA was established in 2017 to bring transparency to the fast-growing real estate sector, protect home buyers' interests, and resolve disputes between builders and consumers as quickly as possible.